The garment industry, particularly Bangladesh's garment export sector, has quietly established itself as a key driver of the nation's economic development, playing a major role in its continued growth and prominence in the global market. The use of the term "quietly" is intentional, as there has been a noticeable absence of widespread public discussion regarding the positive economic impact that garment exports continue to have on the country's overall progress.
Recently, there has been a notable shift away from the long-standing emphasis on the ready-made garment sector, with external discussions increasingly focusing on the industry's negative aspects. Despite these challenges and the dynamic socio-economic and political landscape, these factors have not substantially hindered the growth of the garment industry over the years. Fueled by the determination of countless entrepreneurs, along with the efforts of millions of workers and professionals, the industry has continued to advance and thrive.
Since its inception in the early 1980s, the garment industry in Bangladesh has shown remarkable resilience and growth. Fueled by unwavering enthusiasm and a constant focus on skill development, Bangladesh has surpassed major competitors such as Pakistan, India, Indonesia, Turkey, and Vietnam, with the only exception being China. Weak infrastructure, the absence of domestic production of (essential) raw materials, bureaucratic hurdles, insufficient electricity and fuel supply, high interest rates, frequent fire accidents, flood outbreaks, internal political instability, industrial unrest, a relatively unskilled workforce, and the adverse impacts of both the first and second waves of the COVID-19 pandemic-despite all these challenges, the garment industry has continued to progress over the past four decades. When reflecting on this journey, one can't help but be astonished at the resilience and determination that have sustained its growth.
Beyond the list of ongoing challenges, the foundation of Bangladesh's garment industry was severely shaken by the tragic Rana Plaza collapse in 2013. Just months earlier, the devastating Tazreen Fashions fire had claimed many lives, and together, these incidents drew intense global scrutiny to the industry's safety standards. The loss of thousands of lives not only underscored critical safety concerns but also sparked widespread global sentiment against Bangladeshi-made garments. In response, many Western organizations called for a boycott, exacerbating the crisis. Confronted with this dire situation, the industry, backed by a coalition of allies and stakeholders, implemented a robust action plan aimed at restoring trust and ensuring worker safety. This effort culminated in the creation of ACCORD and ALLIANCE, They also developed a comprehensive action plan aimed at ensuring a safe working environment and continuing the industry's progress despite the setbacks. Although implementing these reforms proved to be a highly complex, time-consuming, and expensive task, the entrepreneurs in the industry displayed extraordinary resilience and determination in overcoming these challenges.
At the same time, in 2013-14, the Green Revolution quietly began within the garment industry. It is noteworthy that our very own "Plummy Fashions Ltd." was one of the pioneers of this Green Revolution and perhaps its most influential advocate. As of today, 230 certified green factories have begun operations in Bangladesh, a number likely far greater than in any other garment-exporting country. Almost all of the world's leading green tactories are now located in Bangladesh, showcasing the country's commitment to sustainable and environmentally responsible manufacturing practices.
Under the guidance of ACCORD and ALLIANCE, the safety standards and working conditions within Bangladesh's gamment industry have reached world-class levels, and the country has firmly established itself as 'The Country of Green Factories. Despite facing numerous challenges, including unfair pricing from buyers and the devastating Tazreen Fashion and Rana Plaza accidents in 2013, Bangladesh's garment exports have soared from $21 billion to the highly coveted $50 billion milestone. The garment industry has not only advanced alongside the country's broader economic development but has also played a key role, both directly and indirectly, as a major influencer in this process.
The government, along with relevant stakeholders, has consistently supported the growth of Bangladesh's ready-made garment industry, providing essential assistance. However, there has yet to be a specific long-term policy or strategic plan designed to secure the continued success of this vital sector, which has been instrumental in the has rise to become the second-largest exporter of read-made garments in the world. to ensure sustainable growth and mitigate potential risks moving fo addressing both national a government to develcoanensive 10-year roadmap addressing both national and international obstacles. to safeguard and build upon pour successes, we must focused on expanding the industry's capacity through diversification of products, fibers, and markets, as well as strengthening backward and forward linkages across the sector. At the same time, it is crucial to focus on fostering innovation Technological upgrades, skal development, and enhancing overall business capacity within the industry. It is essential to ensure that tax and customs policies remain supportive and stable throughout the ten-year plan period. We must also accelerate and strengthen industry initiatives towards green transformation, these strategies are put into action Bangladesh will strengthen its position in the global garment market, enhancing its competitiveness and potentially emerging as the world's top garment exporter.
Many have expressed concems that Bangladesh's progress may slow when it attains the status of a developing country by the end of 2028, particularly due to the reduction in duty-free benefits. However, I strongly believe that Bangladesh will continue its upward trajectory, as it has in the past, by leveraging its inherent strengths. This belief is not driven by emotion, but rather by a thorough analysis of the sector's resilience and capacity to adapt. In the coming years, the ready-made garment industry will remain a cornerstone of the nation's economic progress, consistently playing a crucial role in driving growth and development.
